"The investigation concerns, among other things, whether the consideration to be paid to Dell shareholders is unfair, inadequate, and substantially below the fair or inherent value of Dell stock. In particular, at least one analyst set a price target for Dell stock at $16.00 per share," said one of those law firms, Levi & Korsinsky, in a statement.

Investor Wayne Jervis, managing partner of Jervis Alternative Asset Management (Jaamco), a Greenwich, Conn.-based firm, believes Dell should have offered shareholders a significant dividend and explored a leveraged recapitalization, which is used as a means of refinancing, often to provide cash to the shareholders while not requiring a total sale of the company.

"I'm fed up about the offer. I thought the [rumored] price [of up to $16 per share] going into Friday was good. I've been a long-term shareholder and I'm tired of these management 'buy-unders' crammed down shareholders' throats," Jervis said. "It's really just a transfer of value from shareholders to Dell and Silver Lake. It's a self-dealing offer."

Under the terms of the transaction, Dell stockholders would receive $13.65 per share. The Dell board voted on the price on the recommendation of a special committee of independent directors. Dell had formed the special committee in August after Michael Dell approached the board about taking the company private.

The special committee, led by lead director Alex Mandl, retained J.P. Morgan and Debevoise & Plimpton to explore strategic alternatives, the acquisition proposal and negotiation of the agreement, according to Dell, Round Rock, Texas.

The deal provides for a 45-day "go-shop" period in which the special committee can solicit, receive, evaluate and consider alternative proposals, according to the company.

Following that 45-day period, the special committee can continue discussions and enter into or recommend a transaction with any person or group that submitted a qualifying proposal during the 45-day period, according to Dell.

Any successful competing bidder who makes a qualifying proposal during the initial go-shop period would bear a $180 million (less than 1 percent) termination fee, according to Dell. Any competing bidder who did not qualify during the initial go-shop period would face a $450 million termination fee.

Dell expects the transaction to close before the end of its second quarter.

Doron Kempel says selling hyper-convergence can be challenging for solution providers, but success will come from taking business from competitors that are unprepared or hesitant to embrace the technology.